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Summary
- Stocks of tech company Socket Mobile Inc (NASDAQ: SCKT, SCKT: US) have been galloping this Tuesday morning, February 16.
- At the time of writing this, Socket stocks were surging past 709 per cent to US$ 26.2 (11:45AM EST).
- Its stocks began racing on Tuesday morning on heavy trading volume after it unveiled its newest product, DuraSled™, earlier in the day.
Stocks of tech company Socket Mobile Inc (NASDAQ: SCKT, SCKT: US) have been galloping this Tuesday morning, February 16. At the time of writing this, Socket stocks were surging past 709 per cent to US$ 26.2 (11:45AM EST) to hit the highest level these shares have climbed in at least the last 10 years.
Let’s delve in to find out why Socket stocks are heading for the sky.
Why Socket Mobile (NASDAQ: SCKT, SCKT: US) Stocks Are Rallying?
Socket Mobile, which presently deals in business of mobile data capture, started out in the early 1990s in the PC card production industry. The firm is currently based in California’s Newark.
Its stocks began racing on Tuesday morning on heavy trading volume after it unveiled its newest product, DuraSled™, earlier in the day. DuraSled™, Socket Mobile explained, is the first enterprise-grade barcode scanner that can be accessed on all Apple iPhone 12 devices.
©Kalkine Group 2021
The product is available in three different models, namely the DS800, DS840 and DS860, all of which come with a fresh batch of features. While the DS800 model is a one-dimensional ID scanner, the DS840 model offers two-dimensional scanning solutions as well. The DS860 model does that and travel identification scanning, Socket explained in the latest release.
Socket stocks currently register a surge of over 1000 per cent year-to-date and of about 927 per cent for February. The Newark-based firm’s tech stock posts a price-to-book (P/B) ratio of 12.16, a price-to-cashflow (P/CF) ratio of 26 and a debt-to-equity ratio of 0.38, as per the data available on the TMX portal.
The mobile data firm saw its revenue dwindle by 17 per cent year-over-year (YoY) to US$ 4.1 million in the third quarter ending 30 September 2020. However, Socket’s Q3 2020 revenue was a 51 percent sequentially increase from revenue of US$ 2.7 million in Q2 2020.
